State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Ashok Agarwal, the personal guarantor of the corporate debtor, Ashok Magnetics Limited, due to default in repayment of a term loan facility.
State Bank of India (SBI) sanctioned a term loan of Rs. 1.10 Crore to Ashok Magnetics Limited on 07.12.2007, secured by the aircraft and personal guarantee of Ashok Agarwal and Anita Agarwal.
The corporate debtor further approached the financial creditor seeking renewal cum enhancement of credit facilities and the financial creditor sanctioned the limits of Rs. 25.77 Crores vide letter dated 18.11.2009.
Ashok Agarwal, Anitha Agarwal, Ajay Agarwal and Ankit Agarwal executed continuing guarantee agreements on 19.11.2009 and 18.09.2012 for a sum of Rs. 25.0 Crores.
The corporate debtor's account was classified as NPA on 17.01.2015, with an outstanding liability of Rs. 60,09,76,978.61 as on 30.09.2020.
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State Bank of India…
Financial creditor…
State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Ashok Agarwal, the personal guarantor of the corporate debtor, Ashok Magnetics Limited, due to default in repayment of a term loan facility.
State Bank of India (SBI) sanctioned a term loan of Rs. 1.10 Crore to Ashok Magnetics Limited on 07.12.2007, secured by the aircraft and personal guarantee of Ashok Agarwal and Anita Agarwal.
The corporate debtor further approached the financial creditor seeking renewal cum enhancement of credit facilities and the financial creditor sanctioned the limits of Rs. 25.77 Crores vide letter dated 18.11.2009.
Ashok Agarwal, Anitha Agarwal, Ajay Agarwal and Ankit Agarwal executed continuing guarantee agreements on 19.11.2009 and 18.09.2012 for a sum of Rs. 25.0 Crores.
The corporate debtor's account was classified as NPA on 17.01.2015, with an outstanding liability of Rs. 60,09,76,978.61 as on 30.09.2020.
…State Bank of India…
Financial creditor…